A considerable amount of money flows between the United States and Vietnam regularly. In 2016, more than U.S. $6.66 billion was sent from the U.S. to Vietnam as remittances. In the same year, around U.S. $5 million was sent in the opposite direction. Bilateral trade of goods between both countries exceeded U.S. $54 billion in 2017.
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The United States dollar was adopted by the U.S. as its official currency in 1792. The USD U.S. dollar is the world’s most commonly traded currency and it is also the most preferred reserve currency globally. In April 2016, the international forex market turnover share of the U.S. dollar was more than 87%. It is estimated that more than U.S. $5 trillion is traded on the forex market every day.
Use of the U.S. dollar as sole currency is found in the Caribbean, Turks and Caicos Islands, two British Overseas Territories, the Federated States of Micronesia, the British Virgin Islands, Ecuador, and El Salvador. Its use alongside other currencies is found in places such as Zimbabwe, Belize, Liberia, Panama, Myanmar, and Cambodia.
|Nicknames||Buck, moolah, paper, dough, dead presidents, |
bones, greenback, green
|Bank notes||$1, $2, $5, $10, $20, $50, $100|
|Coins||1c, 5c, 10c, 25c, 50c, $1|
The VND Vietnamese dong has served as the official currency of Vietnam since 1978. It was originally created by the Viet Minh government, which went on to become the government of North Vietnam, in 1946, when it replaced the French Indochinese piastre. In 1953, South Vietnam introduced its own version of the dong, with banknotes listing values in dong and piastres. After the reunification of Vietnam in the late 1970s, a unified dong came into existence.
|Sub unit||1/10 - hao (no longer in use) |
1/100 - xu (no longer in use)
|Bank notes||VND 100, VND 200, VND 500, VND 1,000, VND 2,000, |
VND 5,000, VND 10,000, VND 20,000, VND 50,000,
VND 100,000, VND 200,000, VND 500,000
|Coins||VND 200, VND 500, VND 1,000, VND 2,000, VND 5,000 |
(coins are no longer in circulation)
U.S. Dollar to Vietnamese Dong Historical Rates
Vietnam received significant economic support from the Soviet Union after the Vietnam War. Following two decades of instability, the Vietnamese dong peaked in 1980, trading at ₫2.05 against the U.S. dollar. The fall of the Soviet Union in the early 1990s had a negative impact on Vietnam, leaving the country bankrupt.
The Vietnamese government started printing money in large volumes to try and tide over the economic downturn. However, this move resulted in a rapid rise in inflation, which has not really slowed down since then.
After the Zimbabwean dollar was revaluated in August 2006, the Vietnamese dong took the mantle of the least valued currency unit globally, trading at around ₫16,000 against the U.S. dollar. It maintained this position until March 2007.
After use of the Zimbabwean dollar was abandoned in April 2009, the Vietnamese dong became the second least valued currency unit. By this time, it was trading at over ₫17,500 against the U.S. dollar. The Vietnamese government has devalued the dong five times since June 2014, with the aim of stabilizing the currency and boosting exports. In July 2018, the dong traded at more than ₫23,000 against the U.S. dollar.
USD/VND in the last five years
|U.S. $1 =|
|1 July, 2013||VND 21,175.00|
|1 July, 2014||VND 21,217.50|
|1 July, 2015||VND 21,181.00|
|1 July, 2016||VND 22,299.50|
|1 July, 2017||VND 22,726.50|
USD/VND in the last five months
|U.S. $1 =|
|1 March, 2018||VND 22,794.00|
|1 April, 2018||VND 22,763.00|
|1 May, 2018||VND 22,806.00|
|1 June, 2018||VND 22,958.50|
|1 July, 2018||VND 23,283.00|
What Affects USD/VND Rates?
Since its inception, the Vietnamese dong has suffered from unceasing inflation, and it remains among the poorest currencies globally. However, the country’s switch from being a predominantly agriculture-based economy to becoming a hub for electronics manufacturing has resulted in a positive turn for the economy, making it among the quickest growing in the world in addition to becoming a popular tourist destination. In recent times, the dong has been looked upon as one of the most stable currencies in Asia.
Factors that may affect how the USD to VND currency pair performs include devaluation measures taken by the Vietnamese government, policy changes implemented by the U.S. Federal Reserve, trade relations between both countries, as well as their overall trade deficits.
If you wish to send money from the United States to Vietnam or the other way around, pay close attention to the USD to VND exchange rate that applies on your transfer. Bear in mind that banks and overseas money transfer companies tend to add markups to prevailing market rates. As a result, comparing currency converter exchange rates might work well for you.